The stock market witnessed buying from lower levels on Friday and Nifty took support from the day's low level of 24568 and closed at the level of 24863, which can be called a healthy closing. However, there are strong resistance levels at the upper level of the market, which can prove to be a hurdle. Experts believe that despite big factors like FIIs, China investment, and US elections, Indian markets can decide their direction after Diwali.

Stock market expert Ajay Bagga said that the market has been correcting for the last few days. Even though FIIs are exiting and promoters are selling. Indian markets may find a new way with the global trends stabilizing after Diwali and thereafter.

Ajay Bagga said that we have lost about $7 billion in FII outflows in recent weeks. The primary issues are negative flow, a slowing economy, RBI's aggressive stance, and food inflation, which are preventing RBI from cutting rates in the upcoming MPC meetings.

He said that apart from this, corporate earnings have been disappointing. Any negative news is leading to strong selling in those sectors. For example, gas companies, fintech and MFIs being investigated by RBI have seen significant correction. With the market being at elevated levels, there is little tolerance for missing earnings and negative news, but this skepticism gives strength to the market.

He said people are worried about FII exits, promoters selling more than Rs 2 lakh crore, and withdrawals of Rs 2 lakh crore between January 1 and October 15 through IPOs and OFS. Despite this, the market remains bullish, which is a positive thing. Lack of enthusiasm and healthy skepticism are adding resilience to the market.

He said that Diwali and thereafter as the US presidential election approaches, we will generally see a rise in the global market. Historically, the US markets weakened before the election and then rose strongly, which can also support the Indian markets, so this may actually be the beginning of the correction.